| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 24th | Poor |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1605 Water St, Kerrville, TX, 78028, US |
| Region / Metro | Kerrville |
| Year of Construction | 1981 |
| Units | 29 |
| Transaction Date | 2021-10-13 |
| Transaction Price | $9,333,300 |
| Buyer | KERRVILLE 128 LLC |
| Seller | AB LAZY RIVER LLC |
1605 Water St Kerrville 29-Unit Multifamily Opportunity
Neighborhood occupancy is competitive within the Kerrville metro and renter concentration is high, suggesting a stable tenant base, according to WDSuite’s CRE market data. A 1974 vintage points to value-add potential alongside steady demand drivers.
Situated in Kerrville’s Inner Suburb fabric, the neighborhood ranks 11th of 24 locally (B rating), indicating performance above the metro median. Occupancy in the neighborhood sits in the competitive among Kerrville neighborhoods range (rank 8 of 24) and tracks above the national median, a constructive signal for near-term leasing stability based on CRE market data from WDSuite.
Livability supports renter retention: grocery access ranks 1st of 24 metro neighborhoods with a high national standing, and restaurants also rank 1st locally. Parks are relatively available (rank 2 of 24), while pharmacies and cafes are thinner, which investors may factor into service-oriented resident expectations. These amenity dynamics tend to support day-to-day convenience without relying on destination retail.
The share of housing units that are renter-occupied is elevated in this neighborhood (rank 1 of 24), signaling depth in the tenant pool and demand resilience for multifamily assets. Median contract rents benchmark on the lower side locally, which can aid retention yet may temper immediate pricing power; however, neighborhood NOI per unit ranks near the top of the metro, underscoring operating efficiency potential at scale.
Within a 3-mile radius, population and households have grown over the past five years, and WDSuite’s outlook points to further gains through the next cycle. Projected increases in households imply a larger tenant base and support for occupancy stability. Median incomes in the 3-mile area are solidly higher than the neighborhood-wide median, helping underpin rent collections and broadening the applicant pool.
The property’s 1974 construction is older than the neighborhood’s average vintage (mid-1980s). For investors, this typically means planning for targeted capital projects and positioning renovations to capture value-add upside versus newer stock.
Home values in the neighborhood are modest relative to many U.S. markets, which can introduce some competition from ownership options. Even so, elevated renter-occupied share and steady occupancy suggest sustained reliance on rental housing, supporting lease retention and consistent absorption.
Neighborhood safety indicators are above the national median overall, with the area ranking competitive among Kerrville neighborhoods (7th of 24). Recent trend data shows year-over-year improvements in both property and violent offense estimates, which is a constructive directional signal for residents and operators.
While no sub-block conclusions should be drawn, the combination of an above-median national safety percentile and improving trend lines suggests a supportive backdrop for renter retention and leasing, relative to many peer neighborhoods. As always, investors should align underwriting with property-level controls and standard risk management.
1605 Water St combines a stable neighborhood demand profile with clear value-add angles. The area’s occupancy performance is competitive within the Kerrville metro, and renter-occupied share is high, indicating a deep tenant base. According to CRE market data from WDSuite, local rents benchmark on the more accessible side, which supports retention while leaving room to capture upside through targeted renovations and operational improvements.
Built in 1974 across 29 units, the asset likely benefits from thoughtful capex to modernize interiors and systems, positioning it against newer supply. Within a 3-mile radius, population and households have grown and are projected to continue expanding, reinforcing demand for rental units and aiding occupancy stability over the hold period. Investors should also account for modest local home values, which can create some competition with ownership, and balance pricing strategy against rent-to-income considerations.
- Competitive neighborhood occupancy supports leasing stability
- High renter-occupied share indicates a deep tenant base
- 1974 vintage offers value-add and capex-driven repositioning potential
- 3-mile population and household growth expands the renter pool
- Risks: aging systems and competition from ownership may temper near-term pricing power